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February 5, 1997

ZTEST Electronics Inc. - Company Update

MISSISSAUGA, ONTARIO--ZTEST Electronics Inc. (the "Company") is pleased to announce that it has agreed to accept an offer to exchange a term loan of $500,000 for the issuance by the Company of 1,000,000 units to Bungamina Investments Inc., each unit being comprised of one (1) common share priced at $0.50 per share and 0.4 warrants with each full warrant being good to purchase a further common share at a price of $0.60 until November 5, 1997.